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An employee looks at an assembly line at a Ford manufacturing plant in Chongqing municipality in this April 20, 2012 file photo. (SHI TOU/REUTERS)
An employee looks at an assembly line at a Ford manufacturing plant in Chongqing municipality in this April 20, 2012 file photo. (SHI TOU/REUTERS)

At the open: TSX down on manufacturing woes Add to ...

The Toronto stock market plummeted more than 100 points in initial trading as commodity prices dropped amid reports from China and Europe showing a slowdown in manufacturing.

The S&P/ TSX fell 105 points to 11,654.

The Canadian dollar shed 0.25 of a cent to 97.87 cents U.S.

Wall Street markets were mixed, with the Dow Jones up 10.71 points to 12,835.10, the S&P down 1.6 points to 1,354.1 and the Nasdaq losing 10.98 points to 2,919.47.

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The average U.S. rate on a 30-year fixed mortgage fell this to a record low for the seventh time in eight weeks. Cheap mortgages have helped drive a modest recovery in the weak housing market this year.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.66 per cent. That's down from 3.71 per cent last week and the lowest since long-term mortgages began in the 1950s.

August gold dropped sharply, by $33.30 (U.S.) to $1,582.50 an ounce, while July copper lost six cents to $3.33 a pound.

Oil prices hovered around eight-month lows, losing 83 cents to $80.62 (U.S.) a barrel.

European shares turned negative on Thursday after the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. Mid-Atlantic region fell in June and figures showed U.S. home resales dropped in May.

At 9:08 ET, the FTSEurofirst 300 index of top European shares was down 0.2 per cent at 1,012.41 points after rising to a high of 1,016.91 earlier in the session.

 

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